Found 43 relevant pages. The strongest matches explain what “auction conditions tas” means, where the buyer risk sits, and how the clause plays out in real contracts.

Frequent Risk Signals

• No Cooling-Off Period: When you buy under Auction Conditions (TAS), there is no statutory cooling-off period; once the hammer falls, you are legally committed to the Real Estate Contract and cannot change your mind without losing your entire deposit.
• Immediate Financial Commitment: You are typically required to pay a 10% deposit immediately upon the conclusion of the auction; failing to have these funds accessible in a cleared format can result in a fundamental breach of contract.
• Waiver of Subjective Clauses: You cannot make the purchase "subject to finance" or "subject to a building inspection" after the auction has concluded; if your bank refuses your loan or you find a structural defect later, you are still legally required to settle.
• Acceptance of Property State: By bidding, you are accepting the property in its current physical condition and legal state of title; any "buyer's risk" regarding unapproved structures or easements becomes your responsibility once the contract is signed.
• Vendor Bid Transparency: In Tasmania, the auctioneer may make bids on behalf of the seller (vendor bids) to reach the reserve price; if you do not track these bids carefully, you may find yourself bidding against the seller rather than a genuine competitor.
• Insurance Responsibility: Under the standard Real Estate Contract used in Tasmania, the risk of damage to the property can pass to the buyer as early as the date of the contract; if the house burns down the night after the auction and you haven't arranged insurance, you may still be forced to pay the full price.